Condor Energy (ASX: CND) Confirms Significant Oil Prospects in Peru's Tumbes Basin

April 10, 2025 11:30 AM AEST | By Team Kalkine Media

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Condor Energy (ASX: CND) Confirms Significant Oil Prospects in Peru's Tumbes Basin — Image source: shutterstock

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Highlights

Condor Energy announces a 3 billion-barrel oil potential in Peru.

Independent assessment underscores significant exploration targets.

Deepwater exploration offers vast potential for substantial oil volumes.

Condor Energy (ASX:CND) has recently made a significant announcement regarding its exploration activities in Peru. The company has confirmed the presence of a substantial prospective oil resource within its Tumbes Basin technical evaluation area (TEA) LXXXVI, located in offshore northern Peru. This area is recognized for its rich hydrocarbon history, bolstered by existing oil and gas discoveries.

An independent assessment conducted by Netherland Sewell & Associates Inc has pinpointed a best estimate of 3 billion barrels of oil across five key prospects: Bonito, Raya, Salmon, Caballa, and Tiburon. These findings highlight the basin’s substantial potential and align with Condor Energy’s strategic exploration goals.

The Bonito prospect, notable as the largest among the identified prospects, alone holds an estimated 1 billion barrels of oil. This prospect benefits significantly from its position above mature source rocks, which are currently at peak oil maturity. The geological setting supports effective oil migration pathways, facilitated by faulting, making it a prime target for further exploration.

Serge Hayon, Managing Director of Condor Energy, expressed confidence in the Tumbes Basin’s prospects. He emphasized the massive exploration and development upside, given the combination of multiple giant oil prospects and the nearby undeveloped Piedra Redonda gas field. This configuration presents a compelling case for potential development and value unlocking through strategic partnerships.

The exploration area covers a deepwater extension of the Tumbes petroleum system, with most of the basin still undrilled. This presents a unique opportunity for Condor Energy, as the area encompasses large structural closures that could potentially hold significant oil volumes. The exploration depth ranges from shallow to moderate water depths up to 1,500 meters.

In terms of operational stakes, Condor Energy holds an 80% equity share in the TEA, with its joint venture partner Jaguar Exploration (no ticker provided) holding the remaining 20%. This partnership underscores the collaborative approach towards exploring and potentially developing these promising resources.

The announcement has undoubtedly positioned Condor Energy at the forefront of deepwater oil exploration in Peru, with the company now looking to advance its exploration efforts and secure partners to realize the full potential of these exciting assets. This strategic move could mark a pivotal moment in the company's growth and the broader regional energy landscape.

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